Welcome to a special edition of the PK Blog this week, where Mark de Veer shares time-sensitive advise and insight into applying for a loan through the Small Business Administration (SBA).


I am not a financial expert or Certified Public Accountant, but I have operated a real estate business since 1992 and am currently working toward my 300 hour YTT certification with the Pranankriya School of Yoga Healing Arts. More importantly I applied for and received a loan through the SBA this past April specifically aimed at assisting small businesses affected by the COVID-19 Quarantine and shut down.  So with the disclaimer business out of the way I put this out to the Pranakriya community to encourage you to explore with a qualified financial or tax advisor and share with whomever you think may benefit. 




In March of 2020 through the CARES ACT, Congress authorized the Small Business Administration (SBA) to offer low interest loans to qualified small businesses through the Paycheck Protection Program (PPP). Highlights of the loan program are:


1. Loan amounts of up to $10 million qualify for forgiveness, i.e., no repayment required, if used for payroll, mortgage interest, rent, and utilities, and other qualifying expenses.


2. Loan amounts used for non-qualifying expenses have an annual interest rate of 1%. With inflation at approximately 1% for the trailing twelve months this amounts to an interest free loan.


3. A Small Business is defined by the IRS as any business entity having fewer than 500 employees. This includes independent contractors, a.k.a., sole proprietors and self-employed persons; for profit and non-profit corporations, and Limited Liability Companies (LLC’s), among others.


4. If you are a full-time yoga teacher or studio owner who files as a sole proprietor, S-Corp., or C-Corp, non-profit or for-profit Corp, or LLC with W-2 employees (meaning you deduct taxes and Social Security from employees paychecks) you may qualify for a PPP Loan, and you can still claim all expenses paid for with loan funds on your federal income tax return.


5. To qualify for loan forgiveness you must use at least 60% of loan proceeds on payroll and the balance on qualified expenses, as listed above in Item 1.


6. And Yes, you can pay yourself, if you are a qualified business entity. 




1. THE DEADLINE FOR APPLICATIONS IS JUNE 30, 2020, so as we say in real estate, “time is of the essence” or other ways to say it are: “DO IT NOW!,” ”DON’T LET THE GRASS GROW UNDER YOUR FEET!,”  THE EARLY BIRD…etc..” 

    • Or, to put it succinctly, as of this writing, you have 8 days left to apply.


2. ACCURATE documentation of your income and expenses are required based on your federal tax returns.

    • If you currently have a CPA, you would do well to let them prepare the application.  It may cost you a few dollars but it will probably be well worth it.


3. If you are currently receiving unemployment benefits you do not qualify for the PPP loan program. It is an either/or program. Either you get the PPP loan or you get Unemployment benefits, but not both.

    • That said, you can apply for both at the same time and whichever you receive first will automatically exclude the other. 


4. DEADLINE FOR APPLICATIONS IS JUNE 30, 2020. Yes, I know I said that already but it bears repeating if you urgently need the money.




1. Contact your accountant or financial advisor

2.  Click here to visit the SBA website.

3. Search online: “SBA lenders in my area”

4. Contact your current bank for financial institution and ask if they are an SBA lender.





I can’t speak for all lenders, but my loan app was only two pages long, and the process took about a week to get the funds, so if you were thinking that this process would be similar to a mortgage or student loan application, no worries. The program was designed to get money into the hands of qualified small businesses ASAP. 

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As yoga teachers and practitioners we are charged to bring a powerful medicine to the world, so…




Please don’t pass on this opportunity based on feelings of guilt or lack of worthiness around money. You are worth it!


And finally: DEADLINE FOR APPLICATIONS IS JUNE 30, 2020. (Third time is a charm!)


— Best of luck to all fellow yogis.


About the Author:


Mark de Veer is a certified 200 Hour YTT in Bloomington, IL and president of DEVEER & ASSOCIATES, INC. a commercial real estate brokerage company doing business in five Midwestern states.


Photo Credit: 


Photo by Francesco Ungaro from Pexels